Commodity Brokers Online - Custom Search
|
Enter Search Keyword(s):
Custom Search for 1,000 + Commodity Webpages. All Sites have been Reviewed and Categorized by
CommodityFuturesSearch.com
|
Commodity Trading Resources
|
|
COUNTRYWIDE TRADING CORPORATION
CASE OUTCOME: PERMANENT BAR FROM NFA MEMBERSHIP
NFA ID:
0330974
Complaint:
On December 21, 2004, NFA issued a Complaint charging Countrywide and Gray with failure to tape record conversations with customers; failure to maintain adequate logs documenting the names of customers and the dates on which they were contacted; failure to submit promotional material prior to first use, as required by NFA's Enhanced Supervisory Requirements; failure to adequately supervise the sales practices of Speece; and willfully submitting materially false or misleading information to NFA or its agents. The Complaint charged Countrywide and Speece with making deceptive and misleading sales solicitations; and charged Countrywide with using deceptive, misleading and unbalanced promotional material and failure to have supervisory personnel review promotional material. To view Complaint, go to Case Documents. For copies of Complaint, contact NFA. Decision:
On October 17, 2005, NFA's Hearing Panel ("Panel") issued a Decision accepting, Countrywide, Gray and Speece's settlement offers. The Panel ordered that Countrywide is permanently barred from NFA membership and from being a principal of an NFA Member. The Panel ordered that Gray pay a $5,000 fine. The Panel also prohibited Gray from acting in a supervisory capacity, or being a principal of an NFA Member, for two years. After the two-year period, if Gray again becomes a principal of an NFA Member, he shall cause that Member to tape record - for two years - all conversations with existing and potential customers; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. The Panel also ordered Gray to tape record all conversations between himself and both existing and potential customers for two years; retain each tape for two years from the date the tape is created; and make the tapes available to NFA upon request. Finally, the Panel ordered Speece to withdraw from NFA membership and associate membership, and barred him from reapplying for NFA membership or associate membership, and from acting as a principal of an NFA Member, for five years. To view Decision, go to Case Documents. For copies of Decision, contact NFA.
Source: National Futures Association
Visit:
|